The degree to which an oil product will vaporize, or turn from liquid to gas, when heated. Also, refers to the degree of price movement for oil products in the futures or physical markets.
A combination of chemical pollutants that form ozone or smog. The Clean Air Act was designed in part to reduce VOCs in gasoline in order to reduce ozone pollution from gasoline exhaust and emissions. OPIS designates certain products as VOC during portions of the spring/summer.
A thermal cracking process in which heavy atmospheric or vacuum-still bottoms are cracked at moderate temperatures to increase production of distillate products and reduce viscosity of the distillation residues.
Term used to describe ocean-going tanker hauling from 1.5 million to 2.5 million barrels of product.
A measurement of the total miles traveled by all vehicles in an area. Generally applies to intercity movements only.
The unrealized loss in a position. Traders must post these funds to ensure that their initial margin is restored to its starting balance.
Distillate under reduced pressure, which lowers the boiling temperature of the liquid being distilled. This technique prevents cracking or decomposition of the charge stock.
Term applying to functions or facilities close to the wellhead. Drilling and production are generally upstream processes in the oil patch while refining and marketing are downstream.
Mixtures of unsegregated natural gas liquid components, excluding those in plant condensate. This product is extracted from natural gas.
All oils requiring further processing, except those requiring only mechanical blending. Unfinished oils are produced by partial refining of crude oil and include naphthas and lighter oils, kerosene and light gas oils, heavy gas oils, and residuum.